FXBase (Fx-base.com) is another horrific and terrifying CFDs, Crypto currency, and Forex trading platform. FX Base is professing to be a reliable broker with over 50, 000 customers worldwide. We find this hard to believe as theirs is no positive charter coming from this platform. A closer look at the website suggests this is a Russian scam platform targeting European investors. Read this genuine FXBASE Review for more detailed information.
A closer look at the website reveals some damning information. Hidden from the naked eye, FXBase is openly defrauding investors with their falsehood of offering CFDs and Crypto services. Such cases have been rampant and we have to expose any such platform which steals from investors. We feel it’s our obligation to openly expose any and all scams which plan to derail the online trading world. FX base is another wannabe platform with clear intention of stealing from investors and members.
The website’s layout has been clearly designed to entice investors. We see why newbie investors would easily sign up with FX Base. The platform looks legit and the website is attractive to the eye. Before getting any ideas, you should learn a few things about online trading. There are scam artists who openly steal from unsuspecting investors. FXBase is one of them as we have concrete proof with reasons why you should stay away. These scam artists have cloned a real website and used the information as their own.
Our first red flag starts with information regarding their mother company. The company has a complex company profile background to say the least. They claim the platform is owned by a holding company named FX Base Holdings Ltd. The claim is that the company has been regulated by CySEC. And this is where matters get dicey as information on CySEC about the company is different. The license number provided by FXBase is of another company, ORBEX Ltd. These scam artists are clearly using information of a legit corporation as their own.
Another scary feature we must expose is in regards to the owners of this platform. You would expect the company or holding to have staff members. A closer look at the company register in various European regions reveals some shocking details. No company or holding is or has ever been registered with the name FX Base Holding Ltd. And this is where we draw the line as FXBase is an anonymous online investment platform. Anonymity is a dangerous partner to associate with in any investment.
Features of FXBase
FXBase is furnishing users with three different account types to choose from. Accounts named include Starting, Professional, and Advanced. The account details include leverage of 1:100 and claims of instant execution. Other notable features with their accounts include floating spreads from 0.1 and deposit insurance and protection. As for the insurance part, we highly doubt it as this is a mere sales tactic. The features are just a ploy to entice newbies to sign up to what looks like attractive account features.
Customer and support
When it comes to communicating with the platform, this is another huge problem. No live chat is present which is odd considering the times we are living in. Live chat should be available on all trading platforms with serious intent. A client should be able to get help at any hour of the day or night. FXBase is using email and phone number which is inconvenient for a number of reasons. Emails may never get responded on time and the phone number listed is ever busy. You might call and have to hold for over an hour.
By the look of things, the platform has been operating for long as a scam. According to the details found on whois.net, FXBase is a website that was created on 2nd July 2014. It means that members have been using an unlicensed platform for over six years. The problem with this is that no regulatory body will offer any compensation to investors. They have been in bed with a platform with no clear license details. Scam artists will do or say anything to make their platforms appear real. FX Base is one such platform which posts false license and registration details.
When it comes to the listed depository channels, FX Base is ensuring deposits are well covered. You can deposit using a wide array of options such as Bitcoin, Etherium, MasterCard, and Visa. Note that this is not a good enough deposit to go ahead and deposit with the platform. A number of issues have risen as the depository channels on their platform are not fully secure. These scam artists choose well-known and easily accessible depository channels for a reason. They don’t want investors to give any excuse as to why they can’t deposit funds. The depository channels are available anywhere on the planet.
License and registration with FXBase
When it comes to their license and registration, all hell breaks loose. The disclaimer at the footer of their homepage suggests that the platform is licensed. They even post their license and registration number for all to see. The problem with this is that official regulatory bodies have already issued a warning. BaFIN is the German regulatory body and was the first to issue a warning against associating with FX Base. What these scam artists are doing is beyond reproach, they are using fake license details.
Another regulatory body to issue a stern warning is CySEC. According to the details on CySEC, FXBase is using license details of a legit company with the name OREBX Ltd. The license numbers match and this makes FX Base a lying online platform. You better stay away as authorities will soon track down the culprits and shut down the website. With authorities not able to recover most of the funds, members will end up in a fix. The best option is to use Accountable and tested Forex Brokers.
FXBase is using a custom-made online trading platform. From what they claim, their platform is compatible with mobile and desktop devices. And this is a total lie as most Mac devices seem to have a problem with their platform. FX Base is using a platform with a lot of bugs which means security is an issue. Lack of proper security features such as DDoS protection and SSL Encryption is proof. The platform is leaving members open to third party attacks which will prove costly in the end.
Safety of funds with FXBase
When it comes to how safe funds are with this platform, you should know they are far from being secure. The problem with FXBase is that they are NOT segregating accounts as dictated by trading laws. They are simply pooling funds in one account which is against set industry regulations and rules. You better stay away from this platform and never associate with any of their affiliate programs. Never expect any compensation as they do not participate in a compensatory scheme.
Scam or legit
With authorities issuing a stern warning, FX Base is a clearly a scam. The folks who are behind this scam are going under as we speak and leaving no trace behind. These scam artists will never allow themselves to be caught. You better stay away and use recommended products with tested and trusted brokers. Never click to any links sent by their email marketing team as some contain malware. You should also share this information with close family and friends.
We will be adding this platform to our scam blacklist and ensure everyone stays away.